Intraday Commentary – 6/7/10
Time posted: 10:09am UTC
I am out of pocket for most of the day but I will be updating the members with trade alerts via our members only channel. The recommended trades of the day will be posted later as per usual.
Trader Guy Next Door
…Trader Guy's E-mini S&P500 Stock Index Trade Alerts
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If we break 1060 look for 1054 -1054.75
After further analysis, I see strong support around 1055.75 – 1056.25, which is befor ethe 1054-1054.75 target so be careful if we get there. To get to target then that support point must be broken. A longer term 1047-1048 target zone will come into play at that time but we may or may not pause or bounce at the first target or other support points in between. Let’s see…
We may also bounce back up now to as high as 1067, who knows but I’m only in for short trades so if we bounce, we’ll look for short triggers when we resume the downward move…unless my indicators flip to the long side of course.
At that strong support level so watch out and tighten stop to what you are willing to give back
At the 1054.75 target so trail but remember the 1047-1048 target zone is now in play with a 1050-1051 support point on the way
At that support point so trail as we might get a bounce. We can always get back in if we get stopped out. I don’t agree with the “profit is a profit” concept but a profit here is a good thing so…
If we don’t hit the target or get stopped out by 4:15EST then one should be looking to exit.
Target hit after 16:12 so if you aren’t out, trail tightly by what you plan to give back and remember that volume begins to dry up after now